Yesterday’s bearish outlook for EurGbp and AudNzd worked well and the same theory pretty much applies again today as we approach the BOE and RBNZ Meetings on Thursday. Elsewhere, the US$ looks as though it may have further gains ahead against the Euro, Chf, Yen and Aud. Stocks look steady and may be running out of some steam on the topside while the commodities still appear to be in ”sell the rally” mode, looking for further declines in the days ahead.
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*Trade of the day: 5/10/2017 8:17 AM (AET)
Sell EurUsd @ 1.0900. SL @ 1.0940, TP @ 1.0750
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
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| EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | NZDUSD | |
| 1 Hour | Turning lower | Turning lower | Neutral | Up – Possible topping formation. | Turning higher? Bullish Divergence
|
Neutral |
| 4 Hour | Down | Turning higher –Bearish Divergence? | Neutral | Up | Turning lower | Neutral |
| Day | Turning lower | Up | Turning lower? –Possible topping formation. | Turning higher | Down | Neutral |
| Week | Turning higher | Neutral | Up | Neutral -Turning lower? | Turning lower? | Neutral -Turning lower? |
| S+P | DJI | ASX SPI | GOLD | SILVER | OIL-WTI | |
| 1 Hour | Neutral | Neutral | Neutral | Turning higher | Turning higher | Neutral |
| 4 Hour | Neutral | Neutral | Turning higher? | Turning higher? | Turning higher | Turning higher? |
| Day | Turning higher? Possible topping formation? | Turning higher? Possible topping formation? | Turning lower | Turning lower | Down | Down |
| Week | Neutral | Neutral | Possible topping formation. | Neutral | Neutral | Neutral |
| EURJPY | EURGBP | GBPAUD | AUDJPY | EURAUD | AUDNZD | |
| 1 Hour | Neutral | Neutral | Neutral | Neutral | Neutral | Bullish Divergence |
| 4 Hour | Neutral –Turning lower? | Turning lower | Bearish Divergence | Neutral | Turning lower | Down- Becoming Oversold |
| Day | Up | Neutral | Up | Neutral -Turning higher? | Up | Turning lower |
| Week | Neutral | Neutral –Turning lower? | Up | Turning lower | Turning higher | Turning lower? |
Green= Possible Buy Opportunity.
Red = Possible Sell Opportunity.
The products marked in red/green suggest either a short term (1hour/4 hour charts), a medium term trend (4 hour/daily charts) or a longer term trend, where the dailies are aligned or seem to be aligning with the weekly indicators.
The shorter term (1+4 hour)) momentum indicators may also be aligned with the longer term charts, but equally likely, they may be pointing in the opposite direction and may suggest a buy or sell level on a pullback, in which case they may show a short term bias that differs from the longer term trend. In order to work out the short term trades, or to look for levels at which to enter the market hoping to take advantage of the longer term trend, this table should be used in conjunction with the daily outlook onwww.fxcharts.net using the buy/sell support/resistance levels mentioned in the individual currency pairs, commodities or indices as a guide.
The trend tables are based on the direction of the oscillators for the various time frames, using a combination of MACDs, RSIs and Slow Stochastics.
By May 10, 2017
Source: FXCharts